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Forex broker Fullerton Markets gets warning from New Zealand’s FMA

 Fullerton Markets, a New Zealand forex broker regulated by the local Financial Markets Authority (FMA) got a formal warning from the supervisor under the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act).

 

According to the FMA announcement, a compliance inspection found that the broker does not have adequate risk assessment and AML/CFT compliance programs. Worse still, Fullerton failed to carry out customer due diligence in line with the Amended Identity Verification Code of Practice. For example, failed to fully identify clients who are a politically exposed person (an individual with a prominent public function), particularly foreign politicians, as required by law.

 

FMA has warned Fullerton Markets that it must prepare and implement AML/CFT programs, review its customer onboarding procedures and review all customers onboarded since starting its business. Additionally, the broker must develop a more appropriate level of transaction monitoring rules and review all customer transaction so far. Any suspicious transactions have to be reported to the police.

 

“The AML/CFT Act came into force in June 2013 and the FMA and other supervisors have provided guidance and assistance to firms to help them to comply. We know that reporting entities have invested significantly in systems and resources to comply with the requirements of the law”, said Liam Mason, FMA Director of Regulation. It’s not fair on those who have made this effort if others do not do so.  The FMA signalled in our last annual report that we would take formal action where we see firms failing to meet these requirements.”

 

If Fullerton Markets fails to implement the prescribed measures and take the ordered actions, it may face a series of penalties, including a penalty of NZ $2 million per offense.

 

Fullerton Markets has been on the market for at least two years. The broker offers trading in forex,  CFDs on indices, crude oil and indices, with a leverage of up to 1:500 on MetaTrader 4.

 

Until not so long ago forex brokers in New Zealand only had to be entered. in the financial services provider registry. A few years ago, however, were implemented a set of new rules and requirements that include KYC/AMP procedures and membership in a customer compensation scheme, among other things.

 

 

TAGS: fullerton markets  new zealand  fma 
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